$BTC Bitcoin Faces Seasonal Weakness as It Struggles Below $120K: 10x Research

$BTC Bitcoin’s recent upward momentum appears to be fading as the price hovers just below the critical $120,000 resistance level. A report from 10x Research warns that the current market trend, coupled with historically weak August performance, could lead to a potential breakdown.

Statistical data over the past decade highlights August as Bitcoin’s weakest month, with average losses ranging from 5% to 20%. Only three of the last ten Augusts have delivered positive returns. This seasonal trend, paired with weakening on-chain capital inflows, raises concerns about the sustainability of the current rally.

Currently, $BTC Bitcoin is trading at $116,207.91, locked in a narrow range with diminishing momentum. On-chain data also indicates a decline in capital entering the network, a signal that investor interest might be cooling off in the short term.

As the market navigates this historically soft period, traders are advised to remain cautious and watch for signs of increased volatility or further pullbacks.